Terrorism Insurance Review

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1 Terrorism Insurance Review Review of terrorism insurance arrangements in selected territories & commentary on the cost and coverage of state terrorism schemes Report 2013

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3 Contents 1. Executive summary Scope of the Airmic investigations Background to selected terrorism insurance schemes Scope of cover offered by selected schemes Comparison of limits offered and premium rates Analysis of the structure of the selected schemes Summary and conclusions...16 Appendix A: Schemes for terrorism insurance in selected countries...17 Appendix B: Summary of terrorism insurance arrangements in other territories...37 Table 1: Definitions of terrorism in different territories... 8 Table 2: Typical exclusions in different territories... 9 Table 3: Limits offered in different territories Table 4: Comparison of premium rates Table 5: Maximum loss exposure of the pool Table 6: Reinsurance arrangements Airmic is grateful to Willis for support in the production of this report and the provision of information on a wide range of different terrorism schemes. The contributions from Willis to this report have helped to bring considerable detail and clarity to an increasingly complex area of insurance. The dominant position of the London market in the provision of global terrorism insurance programmes was emphasised by Willis throughout the discussions. Airmic and Willis have made all reasonable attempts to ensure that the information in this report is correct as at June 2013, but Airmic offers this information as the basis for discussion between insurance buyers and their professional advisers and/or insurance brokers. The terms and conditions of the various pools and schemes vary from time to time and the information in this report should not be used as the sole basis of designing and placing terrorism insurance programmes.

4 1. Executive summary This report considers some of the features of the most important terrorism schemes in existence across the world. Terrorism attacks are the most devastating and expensive of events for the providers of terrorism insurance and can represent the most disruptive of events for insurance buyers. Because of the substantial losses that could be suffered following a terrorism event, some insurers and reinsurers are reluctant to offer insurance on terms and conditions that are attractive to the buyers of business insurance. In order to overcome these difficulties, many governments have introduced state-funded terrorism insurance and reinsurance facilities that may be referred to as terrorism schemes, funds or pools. This report considers some of the features of the most important terrorism schemes in existence across the world. The various terms and conditions and methods of operation of the different schemes are outlined in this report. Although terrorism schemes have been developed in a number of countries, an extensive commercial terrorism insurance market still exists. This commercial market is particularly important where a multinational organisation wishes to purchase a global terrorism programme that will often act on a DIC/DIL basis with locally purchased cover. Purchasing a global terrorism insurance policy is invariably complex and the advice of an insurance specialist and/or insurance broker will normally be required. Terrorism insurance schemes have become established in a large number of countries and they were often formed in response to the events of September 11, The features of the main terrorism insurance schemes are outlined in Appendix A and brief information on some other terrorism schemes is provided in Appendix B. The information in Appendix A and Appendix B is for general guidance only and insurance buyers should obtain appropriate professional advice when designing and implementing global and local terrorism insurance arrangements. The key factors that should be considered when arranging the purchase of terrorism insurance cover are as follows: Each scheme will have different terms and conditions with varying definitions of terrorism and different exclusions that apply Almost all the state (or country) terrorism schemes offer coverage for acts of terrorism within the territories of that country only There is a strong commercial market for terrorism insurance both for domestic terrorism cover and for global terrorism insurance programmes Many companies will wish to buy a global terrorism insurance policy to supplement or replace involvement in state terrorism schemes The design of a global terrorism insurance policy is complex and it is likely that specialist professional advice will be required. 4 Airmic Technical

5 2. Scope of the Airmic investigations Airmic asked Willis to provide summaries of the most important terrorism insurance schemes in the world. In response, Willis provided information on a total of 18 schemes operating in different territories. In providing this information, Willis emphasised that many of the terrorism schemes are under constant review and terms and conditions can vary at short notice. Detailed information is included in this report on the following 10 schemes, as set out in Appendix A: 1. Australia 2. Austria 3. Belgium 4. France 5. Germany 6. Netherlands 7. South Africa 8. Spain 9. United Kingdom 10. United Sates of America In all cases, the information provided in Appendix A should be treated as a summary of what is almost certainly a complex scheme. Comments in this report on any of the schemes described should not be taken as advice or used as the sole basis for designing a terrorism insurance programme. The terms and conditions of the various terrorism schemes are often varied in response to changing terrorism targets and methodologies, such as the terrorism events in Boston and London in Each brief commentary is intended to provide an outline of the scheme and an overview of some of the limitations that apply. The most important schemes for the buyers of insurance in the London market are summarised in Appendix A. However, there are several other schemes in different countries in the world and brief comments on a further eight schemes are set out in Appendix B, as follows: Bahrain Denmark India Indonesia Israel Northern Ireland Russia Sri Lanka Analysis of the various schemes was undertaken in order to produce a commentary on the scope of cover available under the different schemes. This report also considers the limits that are offered in different territories and a limited comparison of premium rates. Another important aspect that was reviewed is the structure of terrorism insurance schemes and, in particular, whether they are established as direct or reinsurance facilities, whether formal membership of the scheme and/or whether co-insurance on the part of the insurance buyer is required. 5 Terrorism Insurance Review 2013

6 3. Background to selected terrorism insurance schemes A number of countries have developed specific schemes to cover terrorism insurance. Some already existed before September 11, 2001, while others were created in direct response to the attacks on the World Trade Center. All of the schemes described in Appendix A and Appendix B are worthy of description and analysis, as they represent the response to terrorism threats by the most advanced insurance markets in the world. The comparisons and comments in this report are offered to illustrate differences in the specific schemes. This report provides outline information on the specific schemes set up in the following countries. The most detailed information was provided by Willis for the following 10 territories, as described in Appendix A: 1. Australia 2. Austria 3. Belgium 4. France 5. Germany 6. Netherlands 7. South Africa 8. Spain 9. United Kingdom 10. United Sates of America. Many schemes were set up immediately following the events of September 11, Even for schemes that were already in existence at that time, the events of September 11 resulted in a review of the terms and conditions of existing schemes. For example, immediately after September 11, it was recognised that steps were needed to extend the scope of some of the existing schemes, including Pool Re, to cover the full range of property damage and consequential loss perils that up to that time were provided by the insurance market. There was also concern after September 11 that the range of terrorism weapons was potentially far wider than previously envisaged. An obvious example is chemical or biological attack, such as anthrax. The use of weapons of this kind could result in losses associated with infectious and contagious diseases and loss of access due to action by regulatory authorities. There could also be product recalls as a result of contamination, or cases where biological or chemical attack required decontamination, resulting in claims under all risks property damage / business interruption policies. 6 Airmic Technical

7 4. Scope of cover offered by selected schemes The scope of cover is dependent on the definition of terrorism (as set out in Table 1) and the exclusions that apply (as set out in Table 2). It is worth noting that several of the long-established terrorism schemes were set up to meet different terrorism threats. In general, these longestablished terrorism schemes were created to meet the challenges of domestic and/or separatist terrorism activity. As an example, Pool Re was initially established to provide insurance for IRA losses not covered by the insurance market. Rates were subsequently reduced as the peace process progressed, but threats from other sources are now the major consideration that influences premium rates. Note also that the simplified definitions offered in Table 1 cannot be taken as definitive, as they are only intended to give an indication of the scope of typical definitions. The basis of all insurance contracts is defined, to a large extent, by the definitions and exclusions that are included in the policy. Table 1 provides examples of the definitions of terrorism provided by the government of the territory and often included in terrorism insurance schemes. It can be seen that many of the definitions are similar, but the scope of coverage offered varies from scheme to scheme. Table 1: Sample of simplified definitions of terrorism in different territories 1. France No French government declaration is required for an act to be recognised as a terrorism act for the purpose of the scheme, but provided an event meets the definition in legislation, all types of terrorism (regional, national and international) in any form (including nuclear, chemical and biological risks) are covered for all French property risks. 2. Russia Terrorism is the perpetration of an explosion, arson or any other action (or threat of action) endangering the lives of people, causing sizeable property damage or entailing other socially dangerous consequences, if these actions have been committed for the purpose of violating public security, frightening the population or exerting influence on decision-making by government. 3. Spain Terrorism is defined as: every violent act committed with the object of destabilising the established political order or generating fear or insecurity in the social environment in which terrorism insurance schemes are perpetrated. No Spanish government declaration is required for an act to be recognised as a terrorism act for the purpose of the scheme. 7 Terrorism Insurance Review 2013

8 4. United Kingdom The issue of a certificate by HM Treasury in the UK is required for an act to be recognised as an act of terrorism for the purpose of the Pool Re scheme. Act of terrorism is defined as acts of persons acting on behalf of, or in connection with, any organisation which carries out activities directed towards the overthrowing or influencing, by force or violence, of HM Government. 5. United Sates of America An act of terrorism means any act that is certified by specified government departments to be a violent act or an act that is dangerous to (a) human life, (b) property or (c) infrastructure; to have resulted in damage in the US; and to have been committed by an individual or individuals acting on behalf of any foreign person or foreign interest, as part of an effort to coerce the civilian population of the US or influence the policy or conduct of the US government by coercion. It is important for insurance buyers to understand the scope of coverage that is offered and whether it is sufficient for their needs. The advice of a professional insurance adviser and/or insurance broker with knowledge of the various insurance schemes around the world will be extremely valuable. Depending on the level of compulsory obligations within a scheme, an insurance buyer may decide to (1) take part in a local scheme and not purchase additional global terrorism insurance; (2) take part in a local scheme and purchase a master or global DIC/DIL terrorism policy; or (3) not take part in local schemes and purchase terrorism cover as a separate global insurance policy. In addition to analysis of the scope of coverage of a scheme, as indicated by the definition of terrorism, an insurance buyer will also need to be aware of the exclusions that are included. Table 2 provides a summary of typical exclusions in various schemes. Table 2: Summary of typical exclusions in different territories 1. Australia The scheme excludes certain other types of insurance cover, including: marine insurance, aviation insurance, motor vehicle insurance, life insurance, health insurance, private mortgage insurance, medical indemnity insurance and professional indemnity insurance. 2 France There are the following principal exclusions: life, accident and health insurance; liability; financial losses; risks covered by marine, aviation and transport policies; nuclear weapons; war, strikes, riot and civil commotion; other malicious acts, vandalism; and theft, looting or fraud following acts of terrorism. 8 Airmic Technical

9 3. Netherlands The following are excluded from cover: aviation hull; aircraft liability; any nuclear compensable by the Dutch nuclear pool; and insurances making express provision for terrorism as a named peril. 4. Spain The main exclusions from cover are: life; marine, aviation, space; third-party liability; credit and bonds; health; legal expenses; travel insurance; agricultural insurance; and construction all risks and erection all risks. 5. United Kingdom The only losses excluded under the Pool Re scheme are those in respect of war and related perils, and computer hacking, virus and denial of service, although certain losses resulting from terrorism (such as contamination) are often excluded from household policies by Pool Re members. The most important decisions associated with the definitions and exclusions are for the insurance buyer to evaluate whether all of the risks that are of concern are included and/or available within the scheme. For example, the inclusion of business interruption cover and/or the inclusion of cover against nuclear, chemical or biological attack will be important considerations for many insurance buyers. Another important consideration for participants in many of the schemes is whether coverage is offered for assets of the company outside the territory covered by the scheme. Almost invariably, the scheme will only cover assets within the national boundaries of the country offering the scheme. By way of a specific example, major German multinationals have to purchase additional policies for their buildings in foreign countries, although the scheme does guide insurance buyers towards other appropriate facilities. The terms and conditions of the schemes vary considerably. Most schemes are set up as reinsurance arrangements, but many will write business direct with the insured. Many schemes require membership of the scheme on the part of the fronting insurer. Some insurance buyers will write terrorism insurance cover through their own captive insurance company and the captive will need to become a member of the scheme. In the event of a large terrorism attack, members of the scheme may have some obligation towards the payment of the costs of the terrorism attack, if the main fund in a scheme becomes exhausted. As a final point, most of the reinsurance terrorism schemes will follow the terms and conditions of the primary or fronting insurance policy. This means that the limits and deductibles, as well as certain other policy terms and conditions, included in the fronting policy will also apply to the terrorism cover. A particular issue that will need to be clarified by insurance buyers relates to the application of deductibles. If several terrorism attacks take place at the same time, and are considered to have been co-ordinated, it is likely that only a single deductible will apply, but this will need to be specifically confirmed by the insurance buyer. 9 Terrorism Insurance Review 2013

10 5. Comparison of limits offered and premium rates In addition to the scope of coverage, influenced by the definition of terrorism and the exclusions that apply, insurance buyers will also need to consider the limits of terrorism cover offered and the applicable premium rates. Many countries offer unlimited terrorism cover, with the government acting as the insurer of last resort. However, this arrangement is not the case for all of the schemes and Table 3 provides information on limits that are applicable in some territories. Another consideration in relation to the limits offered is whether there are any sub-limits for specific types of terrorism events. For example, some terrorism schemes offer unlimited coverage for conventional terrorism attacks, but include sub-limits in the event of a nuclear, chemical or biological attack. Also, some schemes require co-insurance participation by the insured or scheme member. Table 3: Limits in different territories 1 Austria 5 million per policy or location 2 Germany Maximum annual aggregate limit of 1.5 billion each policy or enterprise 3 Netherlands 75 million per insured per location 4 Spain As per relevant property insurance policy without sub-limits 5 United Sates of America $100 billion annual aggregate (including insurance industry aggregate retentions) One of the most important considerations when constructing a terrorism insurance programme is the premium rates. Table 4 provides illustrations of the typical methods of calculating premiums in the different terrorism schemes. The two most common mechanisms for deciding premium levels are that the premium will be a (1) percentage of the premium being charged (as in the case of Australia); or (2) percentage of the values being insured (as in the case of Spain). 10 Airmic Technical

11 Table 4: Premium rates. 1. Australia Premiums are a percentage of the insurance premium. Tier A (central districts) 12% Tier B (urban areas) 4% Tier C (rural areas) 2% Rates should remain static unless a significant claim is made on the scheme, in which case rates may be increased by up to 300%. 2. France Member companies set the rates for the original business and premiums are ceded to the pool as a percentage of the original premium, based on insured values: Between 6 million and 20 6% Between 20 million and 50 12% Over 50 18% of original premium. 3. Spain Scale of rates are published by the pool and are applied as a percentage of the insured value % 0.018% Industrial 0.025% Civil works vary from 0.034% to 0.195%. 4. United Kingdom Insurers in the Pool Re scheme are free to decide the price of the terrorism cover they offer. It is open to each insurer to determine the price charged, depending on total value of the property, the location and whether the policy is for PD only or PD/BI. Property damage reinsurance premium payable to Pool Re is a percentage of the insured value as follows: Zone A (Central 0.03% Zone B (Inner London, The Channel Tunnel, Central Business 0.03% Zone C (Rest of England (except Devon & 0.006% Zone D (Rest of Great 0.006% Business Interruption (including 0.021%. 5. United Sates of America In 2009, the median premium rate for terrorism insurance for middlesize and large firms was $25 per million (0.0025%) of total insured value. 11 Terrorism Insurance Review 2013

12 In evaluating the terms and conditions of the insurance offered, the insurance buyer should consider the claims experience of the particular terrorism scheme. Many of the schemes have not yet been subject to large claims. For example, the schemes in Germany and Belgium have not been tested by a large terrorism incident and the response of the scheme in these circumstances remains unknown. As part of the study, Airmic asked Willis if it could give indicative terrorism premium rates for different cities, based on the information in Table 4. For a single location client with an office building of total value 25 million, the central Paris premium (based on a property premium of 25,000) would be 3,000. In central Munich, the pool cost (based on a property value of 25 million) would be 3,000 as the minimum premium. In central London, the Pool Re cost (based on a property value of 25 million) would be 7,500 as a standard Zone A rate. However, Willis pointed out that the commercial insurance market may be able to offer more competitive rates in some cases. These premium costs should be viewed as indicative figures, because the three schemes mentioned may not offer identical coverage. Also, in the case of the French scheme, the terrorism premium is based on property damage insurance premium and this premium may have reduced considerably in recent times, leading to a more favourable terrorism premium. The German and the Pool Re schemes are based on the property value. Also, the terrorism threat may vary considerably between the different cities. 12 Airmic Technical

13 7. Analysis of the structure of the selected schemes For many terrorism schemes, there is no specified maximum loss that the scheme will pay. However, a maximum is specified in certain territories, such as in the examples shown in Table 5. In addition to the limit of cover that is offered, insurance buyers should also consider whether there is a maximum loss that the fund, pool or scheme is willing to suffer. If the scheme has declared that the total coverage available is capped, the insurance buyer needs to be aware of the implications for their terrorism insurance cover. In some cases, if the pool or fund is exhausted, claims are paid in the same percentage as the shortfall of the total funds available in the scheme. In some circumstances, it may be possible for the insurance buyer to arrange a master policy with DIC/DIL coverage that will make good the shortfall that results from the exhaustion of the funds available in the scheme. Another important consideration is whether rebate arrangements are in place. Some of the schemes, for example the GAREAT in France, provide partial rebate of insurance premiums if the level of claims is low. Insurance buyers should be aware that if they purchase terrorism cover through a fronting insurer and the fronting insurer purchases terrorism reinsurance from the scheme, any rebate would be refunded to the fronting insurer. The insurance buyer may not be aware that a rebate has been received by their fronting insurer. Table 5: Maximum scheme losses. 1. Australia $10.3 billion per year over all insureds 2. Austria 200 million per year over all insureds 3. Germany 10 billion per year 4. Netherlands 1 billion per year over all lines, but capped at 2 billion in total 5. Russia About RUB 1.7 trillion any one risk ( 32 million) A very important feature of the terrorism insurance schemes is how the insurance buyers can access the scheme. Most of the terrorism insurance arrangements are reinsurance arrangements, although these arrangements vary considerably between the different schemes, as can be seen in Table 6. Also, it is typical for funding arrangements to vary between different layers of the terrorism scheme. The structure of the scheme is important because it determines how the insurance buyer can access the scheme. If the scheme is established as a reinsurance scheme, the insurance buyer will be able to access the scheme through the fronting insurer or through their own captive insurance company. In general, if access is through the captive insurance company, the captive will need to be a member of the relevant scheme. 13 Terrorism Insurance Review 2013

14 Table 6: Reinsurance arrangements 1. Australia 1st layer: retention of risk by insured and insurers: $1 million per insurer or 4% of their gross property revenue, whichever is less; $10 million per event 2nd layer: ARPC $300 million 3rd layer: Government-backed credit line $1 billion 4th layer: Commonwealth government reinsurance facility up to $9 billion 2. Austria 1st layer: 50 million in the annual aggregate co-insured by pool members 2nd layer: 150 million in the annual aggregate placed in international markets 3. Germany 1st layer: 2 billion in the annual aggregate co-insured by members of the pool 2nd layer: 8 billion in the annual aggregate in excess of 2 billion given by the government 4. Netherlands 1st layer: 400 million co-insured by members of the pool and each participant insurer puts up a guarantee based upon its gross premium income/market share. 2nd layer: 300 million per year reinsured on international markets 3rd layer: 300 million per year government guarantee 5. United Kingdom Each insurer must pay losses up to a threshold, which is determined individually for that insurer. When losses exceed that threshold, the insurer can claim upon reserves accumulated by the insurance industry on a mutual basis within a separate company, Pool Re. Should terrorism claims exceed these reserves, Pool Re can, in turn, draw funds from the government to enable it to meet its obligations in full, regardless of the scale of losses. 14 Airmic Technical

15 Many companies feel exposed to the threat of terrorism activity because of the nature of the business and/or the territories in which they operate. 15 Terrorism Insurance Review 2013

16 8. Summary and conclusions Many companies feel exposed to the threat of terrorism activity because of the nature of the business and/or the territories in which they operate. There is a range of insurance solutions available for companies wishing to purchase terrorism insurance cover. Decisions about participation in state terrorism schemes and/or the purchase of a global terrorism insurance programme will be components of the overall insurance response to the terrorism threat. This report sets out many of the considerations when an insurance buyer is deciding the structure of terrorism insurance cover. The key issues to be considered relate to the following features of state terrorism insurance schemes: Each scheme will have different terms and conditions with varying definitions of terrorism and different exclusions that apply Almost all the state (or country) terrorism schemes offer coverage for acts of terrorism within the territories of that country only There is a strong commercial market for terrorism insurance both for domestic terrorism cover and for global terrorism insurance programmes Many companies will wish to buy a global terrorism insurance policy to supplement or replace involvement in state terrorism schemes The design of a global terrorism insurance policy is complex and it is likely that specialist professional advice will be required Each of the available state schemes has strengths and weaknesses, as indicated in this report, although several of the state schemes have yet to be tested by a significant terrorism event. As noted in this report, the cost (and scope) of the available cover can vary considerably and the report contains indicative premium information for an office building in London, Paris and Munich, as presented at the end of section 5. Decisions on whether to participate in state schemes and/or purchase a global terrorism insurance policy depend on the nature of the company and the extent of the threat, as well as the attitude of that company to the likelihood and consequences of a terrorism event affecting the operations of the company. In particular, the cost and coverage offered by the scheme will be deciding factors. However, in many cases, the structure of the scheme will determine whether a company wishes to participate. Schemes that require membership may only be accessible to the insurance buyer through their own captive insurance company. Consideration of the constraints involved with participation in the scheme and the potential exposure of the captive to contributing to any shortfall in the fund will be significant factors in determining how the company decides to structure the purchase of terrorism insurance cover. 16 Airmic Technical

17 Appendix A: Schemes for terrorism insurance in selected countries Country: Australia 1. Name of pool / scheme Name: Australian Re-insurance Pool Corporation (ARPC) Government involvement: Yes 2. Background to the scheme Established: 16 June 2003 Background and operation: ARPC is a statutory authority established by the Terrorism Insurance Act Scope of cover provided Application: ARPC applies to all Property / Business Interruption and Public / Products Liability contracts (deemed eligible insurance contracts) as per the local Property policy. Eligible contracts are defined as those that include Terrorism exclusions. Included: Terrorism exclusions will be deemed inoperative if a declared terrorism incident (DTI) occurs. A DTI is declared by the Treasury Minister in consultation with the Attorney General, and is not limited to acts causing physical damage, and includes public liability. ARPC includes Chemical and Biological Terrorism. All other policy terms and conditions will apply. Excluded: Nuclear, Radiological and War. 4. Limits offered Limits: Full limit Terrorism coverage, in line with the relevant limit for other covered perils, such as Fire etc. 5. Premium rates Rates are a percentage of insurance premium and vary according to area as per below: Tier A (central districts): 12% Tier B (urban areas): 4% Tier C (rural areas): 2% These should remain static unless a significant claim is made on the scheme, in which case rates may be increased by up to 300%. 17 Terrorism Insurance Review 2013

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